Terna outlines medium term plan, shares in focus among European grid operators

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-26, 15:49.

Terna (IT0003242622) stands out among European grid operators with a multi-year investment and dividend framework under Italy’s regulated return regime. As a core infrastructure player alongside National Grid in London and RTE in France, the group has positioned its stock as a long-term yield and growth instrument.

What Terna’s plan sets out

Terna is responsible for electricity transmission across Italy, operating around 75,000 kilometers of high-voltage lines and managing cross-border interconnectors with neighboring countries according to its latest corporate profile. The company’s most recent strategic plan targets billions of euros in cumulative capital expenditure over the first half of the 2020s to reinforce the grid, integrate renewables and improve interconnection capacity.

The Italian company operates under a regulated asset base framework overseen by national authorities, which provides visibility on allowed returns and underpins its capacity to distribute dividends. In that context, Terna’s medium term guidance has emphasized both grid reinforcement and shareholder remuneration, positioning it in the same income-oriented segment as National Grid in the UK.

Consensus and income profile

Analyst coverage on European transmission operators typically focuses on the balance between capital expenditure, regulatory returns and dividend stability, and Terna is regularly discussed in that context alongside other infrastructure names in broker research from houses such as UBS and Goldman Sachs. Consensus expectations in recent strategy updates have highlighted the role of regulated networks as relatively defensive exposures within European utilities.

For investors comparing grid operators across Europe, Terna’s business model sits close to that of National Grid and Spanish peers like Red Eléctrica, with regulated returns, large capital programs and high grid-connection responsibilities for renewable projects. Market commentary in recent months has repeatedly described this segment as a backbone for the energy transition because of its role in connecting new generation capacity to demand centers.

How Terna earns its money

Terna generates revenue primarily by operating the Italian high-voltage electricity transmission grid under a concession regime. The company earns regulated tariffs for transmitting power, managing grid stability and enabling international electricity exchanges via interconnectors with neighboring systems.

Where the stock trades today

The Terna shares (IT0003242622) are listed on Borsa Italiana in Milan; the latest available quote data from Deutsche Börse’s portal show the listing referenced with no active Xetra price at the time of checking, while the main trading and price discovery occur in euros on the Italian exchange.

This text is for informational purposes only and does not constitute investment advice, investment recommendation or an invitation to buy or sell securities. Readers should conduct their own research and, where appropriate, seek professional advice.